Home » Business, Headline

A Guide: Keeping the Cost Down as a Freelancer

20 February 2019 No Comment

Life as a freelancer is not as straightforward as many people are led to believe. The freedom to pick and choose jobs and the ability to work from anywhere might make this kind of career path seem easy, but there are a number of other factors that make it much tougher in reality.

Most of the biggest problems freelancers face day in, day out relate to financial affairs. From never having a stable income to having to sort out their own tax, money matters are often the bane of the independent worker.

To see what you can do to avoid such problems and keep your costs down as a freelancer, no matter what industry you work in, make sure to check out the guide below.

Air on the side of caution when it comes to equipment

Instead of having to pay for gas to get you to and from a place of work every day, as a freelancer you have to spend your money on your own pieces of equipment. If you’re not careful in this instance, then you will be wasteful with your spending — it’s easy to get carried away early on in your freelancing venture only to realise later on that you have no need for half of the things that you bought.

No matter how excited you might be when you begin your life as a freelancer, you should still air on the side of caution when it comes to the equipment that you source. First and foremost, this means looking around for the best and cheapest options before you commit to buying anything. When it comes to your printer, for instance, you should make sure to check and compare Epson ink deals. Doing this will ensure that you get the right amount of ink and toner for your specific freelancing needs, at the right price.

Stay on top of your taxes at all times

As you are a self-employed worker, you do not have the luxury of having your taxes sorted out for you. That specific job falls to you and you alone, and you should seek to stay on top of it if you’re serious about keeping the cost of being a freelancer down.

Importantly, this means ensuring that you do not miss your tax return deadline. If you do, whether you did it on purpose or not, penalties will be enforced upon you and you will be forced to pay even more money in the long run.

Live by the 50/20/30 rule

If you want to live comfortably and bypass all of the financial headaches that could potentially come your way both now and in the future, then you should live by the 50/20/30 proportions. This entails you living on 50% of your income, devoting 20% of it to your savings, and 30% of it to your flexible expenses.

In order to keep the cost of living down as a freelancer, you need to put the above advice into practice.

Comments are closed.